瑞贝卡发制品股份有限公司财务报表分析
厦门大学 硕士学位论文
瑞贝卡发制品股份有限公司财务报表分析
Analysis of financial statements of Rebecca Hair Products Co., LTD
姓名： 学号： 申请学位级别：硕士 专业：工商管理 指导教师：
瑞贝卡发制品股份有限公司财务报表分析
目录
第一章 绪论··········································1
第一节 论文选题背景和意义·································1 第二节 研究的思路与方法···································2
第三节 研究的框架·········································3
第二章 行业及公司战略分析····························4
第一节 发制品行业概况·····································4
第二节 瑞贝卡发制品有限公司概况···························7 第三节 瑞贝卡发制品有限公司战略分析······················13
第三章 瑞贝卡公司会计分析····························20
第一节 瑞贝卡公司关键会计政策及会计估计···················20
第二节 分析瑞贝卡公司关键会计政策及会计估计··············22 第三节 瑞贝卡公司信息披露质量分析························25
第四章 瑞贝卡公司财务分析···························26
第一节 趋势分析··········································26 第二节 垂直分析··········································37 第三节 财务指标分析······································41
第五章 瑞贝卡公司前景分析····························50
第一节 财务状况前景分析··································50 第三节 盈利能力前景分析··································51
第六章 瑞贝卡公司发展建议····························52 参考文献·············································56 致谢辞···············································57
瑞贝卡发制品股份有限公司财务报表分析
Contents
Chapter 1 Introduction·······································································1
Section 1 Topic selection background······························································1 Section 2 Research significant and method······················································2 Section 3 Research frame·················································································3
Chapter 2 Industry and company strategy analysis···························4
Section 1 General situation of hair products industry······································4 Section 2 General situation of the company·····················································7 Section 3 Company strategy analysis·····························································13
Chapter 3 Accounting analysis························································20
Section 1 Accounting policy and assessment·················································20 Section 2 Accounting policy and assessment analysis···································22 Section 3 Information disclosure analysis······················································25
Chapter 4 Financial analysis····························································26
Section 1 Trend analysis·················································································26 Section 2 Structural analysis··········································································37 Section 3 Financial index analysis··································································41
Chapter 5 Prospective analysis·························································50
Section 1 Financial situation prospective analysis·········································50 Section 2 Profitability prospective analysis···················································51
Chapter 6 Development proposal····················································52 Reference····························································································56 Acknowledgements············································································57
瑞贝卡发制品股份有限公司财务报表分析
中文摘要
上百年来，“找头发换针”的叫卖声伴随了几代人的回忆。早在明末清初之时，许昌就开始为西方国家提供制作假发的原材料人发，并逐渐成为发制品生产加工中心。如今，发制品早已成为一种时尚消费品，被誉为“头上的时装”，发制品生产也成为许昌当地的支柱性产业，河南瑞贝卡发制品股份有限公司便是这一支柱产业的龙头企业。
本文选取河南瑞贝卡发制品股份有限公司作为案例研究的对象，在对瑞贝卡公司的相关行业情况及公司战略进行解读的基础上再对财务报表进行研究，最后对公司发展的前景做出了分析。瑞贝卡公司作为世界最大的发制品生产企业，也是A股市场上唯一的发制品上市公司，之前却一直不为国人所知，2007年强势回归国内市场后才逐渐走入大家的视线。公司所在行业以及发展过程都独具特色，目前处在转型关键期的经营态势和财务数据值得我们探讨研究。本文在进行财务分析的过程中选择了在我国发制品行业排名第二的许昌恒源发制品股份有限公司作为比较的对象进行参照。
传统的财务报表分析只对各项财务指标进行计算和分析，脱离了企业所处的行业环境与自身的发展阶段。本文所使用的哈佛分析框架改变了以往的分析模式，以战略的角度出发对企业的财务报表进行分析，将行业信息、公司战略和财务报表等可获取的公开信息结合起来进行综合分析，弥补单纯财务分析造成的误差与缺陷。本文在绪论之后的第二章以战略分析作为报表分析的起点，明确公司的成长阶段以及发展战略。第三章选择了应收账款、存货等关键的会计政策及会计估计进行会计分析，以提高财务分析的可靠性。本文的第四章在之前战略分析、会计分析的基础上进行财务分析，对公司的偿债能力、资产管理能力、盈利能力进行评价。第五章为前景分析，与战略分析、会计分析、财务分析串联在一起，对公司的财务状况和盈利能力的前景作出预测。最后在第六章对公司的管理层提出发展的建议。
关键词：瑞贝卡 财务报表 财务报表分析
瑞贝卡发制品股份有限公司财务报表分析
Abstract
Xuchang began to provide hair to western countries to make hair products as early as the transitional period of Ming and Qing dynasty. Then it becomes hair products production center. Nowadays hair products already became a kind of fashion consumer goods and be known as “head fashion”. The production of hair product also becomes the backbone industry of Xuchang. Rebecca Hair Products Co., LTD is one of the leading enterprises there.
This paper selects the Rebecca Hair Products Co .,LTD as the research object .This paper researches the financial statements base upon the interpretation of the industry situation and company strategy then analysis the future of the company. Rebecca Hair Products Co., LTD is the largest production enterprise and the only hair products listed company at A-share market. It had not been known for the people inland until return to domestic market in 2007.The industry and development process of the company is unique .The operation data and the financial data are worth discussing and studying. This paper chooses the Xuchang Hengyuan Hair Products .Inc which is placed second in the hair products industry as a comparison object.
The traditional financial analysis only calculate and analyze the financial index and separate from the environment and development of the enterprise. The Harvard analysis framework this paper used is different from the traditional mode .It comprehensive analysis the industry information, the company strategy and financial statement .It can remedy the errors and defects of the traditional analysis index. The second chapter is the strategic analysis, as the starting of the statement analysis, understands the growing phase of the company and the development strategy. The third chapter chose accounts receivable, inventory to make accounting analysis and to improve the reliability of financial analysis. The forth chapter is financial analysis, to evaluate the solvency, asset management ability and profitability. The fifth chapter is prospects analysis, makes predictions of the financial position and profitability of the